Even Harris supporter Mark Cuban has to admit it's a horrible idea. Probably DOA in congress, but just the fact it's being considered shows the abject stupidity of her economic policy ideas. Any proposal to tax unrealized capital gains would "kill the stock market," billionaire investor Mark Cuban said in a CNBC interview on Thursday.
It would for sure kill a bunch of billionaires who "borrow" (against those assets), "spend and die". I say go after offshore assets first, thanks to the Panama Papers we have some leads, but that idea would be DOA, too.
Trump would make the US economy weaker, less competitive and less equal https://www.theguardian.com/busines...ump-us-economy-coal-oil-elon-musk-peter-thiel
Agree 100% and feel obligated to mention that Biden/Harris have adopted tariff plans too. Tariffs aren't just a red/blue thing.
honestly, you are here long enough so that i assume you know how 1256 contracts taxed, unrealized gains from december 20th to 31st is taxed, or unrealized losses deducted on your schedule d. congress is smart enough, one would carve out if uber wealthy are taxed as the same as mark to market for their securities holdings. if any losses in value, there would be an corresponding deduction.
Done your estate transfers yet? Without super majority votes, most legislations have 10 years sunset clause. Your master probably "gifted" over $270 millions to his trusts and kids, tax free. Someone will have to foot the bills. The TCJA added a “bonus” exemption amount that doubled the amount of the then-current federal estate and gift tax exemption and indexed it for inflation. That amount has continued to increase each year, resulting in an exemption amount of $13.61 million per person, or $27.22 million for a married couple, in 2024. This amount will again be indexed for inflation in 2025 but will drop back to an inflation-adjusted 2017 level on January 1, 2026, which is projected to be in the $7 million range per person or $14 million per couple. The same sunset provisions also apply to the federal Generation Skipping Transfer Tax (GSTT) exemption.